Real estate fund manager MacarthurCook will hold an extraordinary general meeting (EGM) in which it will seek shareholder approval for its distribution alliance with financial services group IOOF.
Shareholders will have to approve the private placement of 3.45 million shares with IOOF, which gave it a 13 per cent interest in the fund manager before 1 September 2008.
They will also be asked to vote on the re-branding of the $200m MacarthurCook Mortgage Fund, which will see IOOF becoming responsible for the marketing and distribution of the fund.
Last week, the Takeovers Panel made a declaration of 'unacceptable circumstances' surrounding the alliance, as MacarthurCook had failed to seek the required approval.
The fund manager expressed its disappointment with the panel's decision, but said it would comply in order to commence the alliance as soon as possible.
The panel's ruling was initially sought by AMP Capital Investors, which made a bid of $1.35 per share for MacarthurCook on 6 June 2008.
AMP opposed the alliance with IOOF, because it frustrated the takeover attempt and would dilute the interest it had agreed to buy from Ascalon, one of the major shareholders in the fund manager.
At the moment, Ascalon holds an interest of 17.5 per cent. Other shareholders include Acorn Capital (12.5 per cent) and Macarthur managing director Craig Dunstan (6 per cent).
